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Canceled newbuildings could push tanker market to boiling point

35 percent of the planned crude oil newbuildings from Chinese yards are highly uncertain, according to US-based financial house Morgan Stanley. This could make 2015 a record-year for the tanker market along with the massive oil production in the Middle East.

Photo: Euronav
BY OLE ANDERSEN

35 percent of the planned VLCC newbuildings, or 9 out of 25 super tankers that were set for delivery in 2015, are highly uncertain because they have been ordered from China's two problematic shipping yards Jinhai Heavy Industries and Rongsheng.

According to a note from US-based financial house Morgan Stanley, the absent deliveries will add extra heat to an already burning hot tanker market at a time of considerable demand and when production in the Middle East is firing on all cylinders.

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